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Engineers-India-Ltd
Investors with a short-term horizon can sell the stock of Engineers India at current levels. The stock has been in a long-term downtrend since encountering a key resistance at ₹206 in December 2017. Medium- as well as short-term trends are down for the stock.
In early July this year, the stock emphatically breached the moving average compression (21-, 50- and 200-day moving averages) at around ₹115 on the downside and continued to trend downwards. On Tuesday, the stock tumbled 6.3 per cent with above average volume, breaking below the key support in the band between ₹100 and ₹103. The stock hovers well below the 50- and 200-DMAs.
The daily relative strength index features in the bearish zone and the weekly RSI has entered the bearish zone from the neutral region. Moreover, the daily and the weekly price rate of change indicators hover in the negative terrain implying selling interest. The short-term outlook is bearish for the stock. It can continue to trend downwards and reach the price targets of ₹91.5 and ₹89.5 in the upcoming trading sessions. Traders with a short-term view can sell with a stop-loss at ₹97.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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